You must have compensation from services performed. your IRA contribution limit is $6000, or your actual compensation, whichever is less. contributions for the 2021 tax year can be made as late as April 15, 2022, as long as you inform the custodian that this is a prior year contribution before you make the contribution. A contribution may be made anytime during the year, it does not have to be made during the same weeks when you are earning your compensation.
However, you must be careful in your particular situation. In some degree programs, being a teaching assistant is required to obtain your degree. In that case it is not considered compensation even if you are paid extra, it is considered part of your education. If participating as a teaching assistant is not required, or if you teach additional classes beyond the degree requirement, payment for that participation would be considered compensation.
